The cryptocurrency market is currently facing a rough patch, with XRP taking a significant hit in the last 24 hours. The price of XRP has dropped by over 10%, falling below the crucial $2 mark. The total market cap has also seen a decline, dropping to $3.04 trillion, down nearly 5% in the last day. Other major cryptocurrencies like Bitcoin and Ethereum have also experienced losses, with Bitcoin falling to $99,000 and Ethereum slipping to $2,179.
Altcoins such as Solana, BNB, Dogecoin, and Cardano have all registered losses ranging from 4% to 9%. Market sentiment has turned red, with the Fear and Greed Index currently sitting at 40.
In terms of XRP price prediction, the cryptocurrency has broken through a key support level at $2.07. Analysts had warned that a failure to hold this support level could lead to further downward movement, which has now materialized. The next crucial support zone to watch for is between $1.92 and $1.95. If XRP continues to decline and breaks below $1.91, the next potential target could be around $1.80 to $1.79, where historical price action and Fibonacci levels suggest possible support.
Short-term charts for XRP do not show any strong recovery signals at the moment. Analysts were hoping to see signs of a bullish divergence to indicate a possible bounce, but no clear confirmation has emerged yet. The overall trend for XRP remains bearish, and unless there is an improvement in Bitcoin and the broader cryptocurrency market, XRP may continue to face downward pressure.
The market is currently highly volatile, with Bitcoin dominance on the rise and global tensions weighing heavily on risk assets like cryptocurrencies. The US Federal Reserve is also facing pressure, as analysts note that the Fed refrained from cutting interest rates recently due to growing instability. This new conflict adds another layer of complexity to the already challenging economic situation.
In conclusion, the cryptocurrency market is facing a challenging period, with XRP and other major cryptocurrencies experiencing significant losses. Traders and investors should remain cautious and closely monitor the market for any signs of potential recovery or further downside movement.